UK - The Association of British Insurers is questioning whether Financial Services Authority proposals to improve transparency in sales literature justify their costs.
The ABI says many consumers will increasingly look towards products with clearer disclosure material irrespective of whether the FSA proposals are implemented.
ABI director general Mary Francis said: “We urge the FSA not to replace one set of prescriptive rules with another.
“We question whether these proposals – costing over £100m – are consistent with the Sandler report’s emphasis on low cost, simple and flexible products.”
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.
Smart Pension has absorbed more than 6,500 members from the Corporate Pensions Trust (CPT) after its trustees decided not to apply for authorisation.